Company Valuation: Western Midstream Partners, LP

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 9,095 10,339 11,105 14,625 16,116 16,172 - -
Change - 13.68% 7.4% 31.7% 10.2% 0.35% - -
Enterprise Value (EV) 1 15,799 16,838 18,733 21,472 23,940 24,311 24,209 24,104
Change - 6.57% 11.26% 14.62% 11.5% 1.55% -0.42% -0.43%
P/E ratio 10.2x 8.95x 11.3x 9.56x 13.3x 12.5x 11.6x 10.7x
PBR 3.02x 3.47x 3.84x 4.54x 4.01x 5.07x 5.18x 5.27x
PEG - 0.2x -0.8x 0.2x -0.5x 1.2x 1.5x 1.29x
Capitalization / Revenue 3.16x 3.18x 3.57x 4.06x 4.19x 3.9x 3.65x 3.49x
EV / Revenue 5.49x 5.18x 6.03x 5.96x 6.23x 5.86x 5.47x 5.21x
EV / EBITDA 8.12x 7.91x 9.06x 9.16x 9.65x 9.32x 8.66x 8.31x
EV / EBIT 11.8x 11.3x 13.5x 10.9x 14.9x 13.2x 12.6x 11.8x
EV / FCF 10.6x 14.8x 14.8x 16.2x 15.7x 22.4x 16.6x 13.9x
FCF Yield 9.43% 6.77% 6.77% 6.17% 6.37% 4.46% 6.02% 7.22%
Dividend per Share 2 1.284 2 2.3 3.5 3.64 3.742 3.846 3.981
Rate of return 5.77% 7.45% 7.86% 9.11% 9.22% 9.11% 9.36% 9.69%
EPS 2 2.18 3 2.6 4.02 2.98 3.285 3.539 3.832
Distribution rate 58.9% 66.7% 88.5% 87.1% 122% 114% 109% 104%
Net sales 1 2,877 3,252 3,106 3,605 3,843 4,151 4,429 4,628
EBITDA 1 1,947 2,128 2,069 2,344 2,481 2,608 2,797 2,900
EBIT 1 1,336 1,484 1,390 1,971 1,601 1,837 1,924 2,040
Net income 1 896.5 1,190 998.5 1,537 1,154 1,382 1,507 1,688
Net Debt 1 6,705 6,499 7,629 6,847 7,825 8,140 8,037 7,933
Reference price 2 22.27 26.85 29.26 38.43 39.50 41.08 41.08 41.08
Nbr of stocks (in thousands) 408,390 385,070 379,516 380,555 407,996 393,667 - -
Announcement Date 2/23/22 2/22/23 2/21/24 2/26/25 2/18/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.51x5.86x9.32x9.11% 16.17B
17.15x3.7x7.84x5.04% 1,753B
20.43x1.89x7.53x3.78% 376B
8.83x0.68x4.06x5.69% 313B
10.63x0.97x4.7x3.25% 259B
9.91x1.15x4.82x4.37% 197B
5.04x1.78x3.59x10.6% 133B
9.91x0.91x2.41x4.07% 96.35B
13.81x0.81x4.27x4.65% 82.69B
Average 12.02x 1.97x 5.39x 5.62% 358.56B
Weighted average by Cap. 14.93x 2.60x 6.58x 4.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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